This is nice for larger funds to do, with fatter management fees. Smaller funds, not so much so. There's not really a structure to take it out of the fund com

This is nice for larger funds to do, with fatter management fees. Smaller funds, not so much so. There's not really a structure to take it out of the fund commitment, so this comes out of management fee. Smaller funds don't have this luxury though - if you're running a microcap fund, you simply don't have $250k free in your management fee budget for something like this. That's the salary for another partner really.